Phase-only spatial light modulators (SLMs) are widely used in holographic display applications, including holographic image projection (HIP). Most phase computer generated hologram (CGH) calculation algorithms have an iterative structure with a high computational load, and also are prone to speckle noise, as a result of the random phase terms applied on the desired images to mitigate the encoding noise. In this paper, we present a non-iterative algorithm, where simple Discrete Fourier Transform (DFT) relations are exploited to compute phase CGHs that exactly control half of the desired image samples (those on even - or odd - indexed rows - or columns) via a single Fast Fourier Transform (FFT) and trivial arithmetic operations. The encoding noise appearing on the uncontrolled half of the image samples is reduced by the application of structured, non-random initial phase terms so that speckle noise is also kept low. High quality reconstructions are obtained under temporal averaging of several SLM frames. Interlaced video within half of the addressable image area is readily deliverable without frame rate division. Our algorithm provides about 6X and 20X reduction in computational cost compared to IFTA and FIDOC algorithms, respectively. Simulations and experiments verify that the algorithm constitutes a promising option for real-time computation of phase CGHs.